v3.26.1
Condensed Consolidated Statements of Shareholders' Equity and Mezzanine Shareholders' Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Total
Class A Common Stock
Class B Common Stock
Total Shareholders' Equity
Vested Class A OpCo Units
Class A Common Stock
Vested Class A OpCo Units
Class B Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Non-controlling Interests - Mezzanine Equity
Common stock, beginning balance (in shares) at Dec. 31, 2024         76,760 139,691        
Equity, beginning balance at Dec. 31, 2024       $ 655,604 $ 8 $ 14 $ 771,594 $ 32 $ (116,044) $ 1,506,584
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Redemption of Class B Common Stock (in shares)         773 773        
Issuance of Class A Common Stock (in shares)         65          
Issuance of Class A Common Stock       141     141      
Remeasurement adjustment to redeemable non-controlling interest resulting from ownership changes       5,210     5,210     (5,210)
Increase in Tax Receivable Agreement liability from qualifying exchanges, net of deferred taxes       (343)     (343)      
Unrealized gain (loss) on investments       29       29   53
Share-based compensation (in shares)         281 2,422        
Share-based compensation       4,459     4,459     19,585
Adjustment of redeemable non-controlling interest to redemption value       98,592     98,592     (98,592)
Net loss $ (455,633)     (147,492)         (147,492) (308,141)
Common stock, ending balance (in shares) at Jun. 30, 2025         77,879 141,340        
Equity, ending balance at Jun. 30, 2025       616,200 $ 8 $ 14 879,653 61 (263,536) 1,114,279
Common stock, beginning balance (in shares) at Dec. 31, 2025   83,980 138,730   83,980 138,730        
Equity, beginning balance at Dec. 31, 2025 203,904     203,904 $ 8 $ 14 898,425 129 (694,672) 331,301
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Redemption of Class B Common Stock (in shares)         3,872 3,872        
Redemption of Class B Common Stock       1 $ 1          
Issuance of Class A Common Stock (in shares)         181          
Issuance of Class A Common Stock       344     344      
Remeasurement adjustment to redeemable non-controlling interest resulting from ownership changes       6,680     6,680     (6,680)
Unrealized gain (loss) on investments       (173)       (173)   (277)
Share-based compensation (in shares)         415 1,520        
Share-based compensation       4,427     4,427     6,011
Adjustment of redeemable non-controlling interest to redemption value       (41,508)     (41,508)     41,508
Net loss (232,741)     (90,148)         (90,148) (142,593)
Common stock, ending balance (in shares) at Jun. 30, 2026   88,448 136,378   88,448 136,378        
Equity, ending balance at Jun. 30, 2026 $ 83,527     $ 83,527 $ 9 $ 14 $ 868,368 $ (44) $ (784,820) $ 229,270